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Securities Class Actions Compared to Derivative Lawsuits : Evidence from the Stock Option Backdating Litigation on Their Relative Disciplining of Fraudster Executives
Fuerman, Ross D. - 2016
comprised solely of derivative lawsuits. This provides another unique research opportunity, as most litigation is comprised … almost entirely of only securities class actions or only derivative lawsuits. Thus, it is possible to compare and contrast … securities class actions with derivative lawsuits. This is particularly useful because some question the value of securities …
Persistent link: https://www.econbiz.de/10013000478
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Shareholder Litigation and Insider Trading : Evidence from Derivative Litigation
Jung, Sumi - 2020
Universal Demand (UD) laws by different states. The UD laws substantially raise the hurdle for shareholders to file derivative … sales, after the passage of UD laws, suggesting derivative litigation serves a disciplinary role in curbing insider trading …. The deterrence effect of derivative litigation complements that of federal securities litigation, as it is effective in …
Persistent link: https://www.econbiz.de/10012853031
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The Supreme Court’s Impact on Securities Class Actions : An Empirical Assessment of Tellabs
Choi, Stephen J. - 2013
How does Supreme Court precedent affect lower court decisions when there is asymmetric probability of appellate review? Using securities fraud class actions filed between 2003 and 2007, we study the impact of a widely-followed Supreme Court decision from that period, Tellabs, Inc. v. Makor...
Persistent link: https://www.econbiz.de/10013095705
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The impact on shareholder value of top defense counsel in mergers and acquisitions litigation
Krishnan, C. N. V.; Davidoff Solomon, Steven; Thomas, … - In: The journal of corporate finance : contracting, … 45 (2017), pp. 480-495
Persistent link: https://www.econbiz.de/10011760913
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Shareholder litigation rights and stock price crash risk
Obaydin, Ivan; Zurbruegg, Ralf; Hossain, Md Noman; … - In: The journal of corporate finance : contracting, … 66 (2021), pp. 1-19
Persistent link: https://www.econbiz.de/10012514670
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The Effect of Investor Attention on Fraud Discovery and Value Loss in Securities Class Action Litigation
Abdulmanova, Anna - 2020
We examine the effect of investor attention on value loss due to securities class action lawsuits and fraud discovery. We find that investor attention is positively associated with damage to corporate reputation and the magnitude of value losses suffered by the defendant firm. The reputational...
Persistent link: https://www.econbiz.de/10012853845
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Corporate Fraud and the Consequences of Securities Class Action Litigation
Barko, Tamas; Renneboog, Luc; Zhang, Hulai - 2023
We analyze class action litigation as a corporate governance device. Firms that have lower internal governance standards and those with fewer external monitors are more likely to be indicted. Lawsuits announcements are salient information to the market, as firms, on average, lose 12.3% without a...
Persistent link: https://www.econbiz.de/10014352991
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Does Shareholder Litigation Risk Cause Public Firms to Delist? Evidence From Securities Class Action Lawsuits
Brogaard, Jonathan - 2020
This paper examines whether shareholder litigation contributes to the decline in U.S. stock market listings. We find that higher litigation risk induces firms to delist. We establish causality by exploiting a 1999 decision by the Ninth Circuit Court that reduced litigation risk. The effect is at...
Persistent link: https://www.econbiz.de/10012838878
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Bias-Corrected Estimation of Price Impact in Securities Litigation
Dove, Taylor - 2019
The single-firm event studies that securities litigants use to detect the impact of a corrective disclosure on a firm's stock price have low statistical power. As a result, observed price impacts are biased against defendants and systematically overestimate the effect on firm value. We use the...
Persistent link: https://www.econbiz.de/10012894257